Doing Business in Cyprus (UAE Edition)

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DOING BUSINESS C YPRUS 44 UNITED ARAB EMIRATES EDITION We are thus looking forward to the diverse opportunities for collaboration that will emerge across various fields, having established solid relations with key partners in the region, which we are determined to further pursue actively. There is an opportunity for growth and investment and for connecting important markets and building synergies. Indeed, the many fields of cooperation include renewable energy, tourism, investments, infrastructure, health, education, merchant shipping and the maritime industry, commerce, gas and oil exploration and others, as we are committed to strengthening the links between Cyprus and the UAE. Cyprus is a strong regional hub and EU base for international business and offers many advantages for companies engaged in crossborder activities, what advantages does Cyprus offer specifically to UAE business? As an EU Member State situated at the crossroads of three continents, Cyprus is an ideal platform for regional cooperation and a reliable partner that has built, over the years, a secure investment environment. We have established a comprehensive economic diplomacy with key priorities, clear objectives and relevant action plans, promoting Cyprus as a preferred business and investment destination. The strong presence of foreign investment in Cyprus, which we welcome and support, is a confidence vote to the island and its economy. The government has sought to maintain conditions of stability and confidence, to consolidate and modernise Cyprus’ banking system and to preserve tax certainty and a business-friendly environment for the private sector. New infrastructure and housing developments are underway across the country with significant foreign investor backing. International companies are setting up headquarters in Cyprus, which is becoming an increasingly attractive gateway to growth markets. Cyprus’ growth performance is now attracting foreign direct investment from different parts of the world and especially from the Middle East and Asia. With a constantly evolving system of cooperation with the UAE, advanced and modern infrastructure, Cyprus offers sophisticated road, air and witnessing a significant sea transport solutions and services, expansion in bilateral ties, which are widely recognised as an important competitive advantage in with diverse opportunities attracting foreign direct investment. for collaboration emerging in Cyprus’ two multi-purpose deep sea ports, one of which is operated by DP various key fields, including World, handle passenger and freight trade, investment, energy, cargo while offering logistics solutions through advanced facilities for costeffective transport and processing. education, culture, tourism, In ICyprus now enjoys a structured security and defence.
DOING BUSINESS C YPRUS 45 UNITED ARAB EMIRATES EDITION IAs an EU Member State situated at the crossroads of three continents, Cyprus it is an ideal platform for regional cooperation and a reliable partner that has built, over the years, a secure investment environment. addition, the coastal city of Limassol is a renowned cruise liner hub and a popular ‘stop-over’ for international cruise ships. Two modern international airports in Larnaca and Paphos offer their services to approximately 10 million visitors per year, connecting the island to the most popular transit hubs throughout the world. Considerable investment has also been made to transform the island into a major telecommunications hub in the region, providing fast connections via submarine fibre optic cable and satellite to the rest of the world. Cyprus has long established itself as a thriving business hub, with a vast array of investment opportunities in key growth sectors of the economy. The island’s ideal strategic location, advanced infrastructure and high quality of life are among the many reasons to invest in Cyprus. As such, the island is an ideal investment gateway to the European Union, as well as a portal for investment outside the EU, particularly into the Middle East, India and China. As a member of the Eurozone, Cyprus ensures safety and stability for investors, while also offering them market access to millions of EU citizens. Cyprus’ legal system, based on English Common Law principles, is widely recognised as an effective system that ensures transparency and reliability in business practices, offering foreign businesses a familiar and reliable framework within which to operate. The recent launch of the Business Facilitation Unit, which provides for fast-tracking business setup, will undoubtedly establish Cyprus as a business-friendly location. Our country’s competitive advantages are significantly enriched by a robust and transparent legal and regulatory framework and an attractive tax regime, which offers
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